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Questions and Answers of Accounting

Hoc Automotive Ltd. reported a Cash balance of $2 million and a Retained Earnings balance of $12 million. Explain how Hoc Automotive Ltd. can have so much more retained earnings than cash. In your
Give two reasons for a corporation to distribute a stock dividend.
A friend of yours receives a stock dividend on an investment. She believes stock dividends are the same as cash dividends. Explain why the two are not the same.
Explain the similarity and difference between a 100-percent stock dividend and a 2-for-1 stock split to the corporation issuing the stock dividend and the stock split.
Give three reasons why a corporation may repurchase its own shares.
Use the Gildan Activewear Inc. financial statements in that appear in Appendix A at the end of this book and on MyAccountingLab to answer the following questions. 1. Which income statement
Use the Rainmaker Entertainment Inc. 2011 financial statements that appear on My Accounting Lab to answer the following questions. 1. Rainmaker's 2011 financial statements reveal that the company
Golden Goods Ltd is a Canadian importer that does business around the word. To obtain credit to do business in other countries, it has to present its financial statements to suppliers who assess the
Gala Fruit Corp's accounting records include the following items, listed in no particular order, at December 31, 2014. Other gains (losses)........................$(12,500).............Net sales
Return to the Gala Fruit Corp. data in Starter 14-10. Gala Fruit had 10,000 common shares outstanding on January 1, 2014. Gala Fruit declared and paid preferred dividends of $1,500 during 2014. In
Figero Inc. has $350,000 of income in 2014. During that same time, it declared preferred dividends in the amount of $13,000. The following activities affecting common shares occurred during the
Oak Research Inc. (ORI) ended 2013 with Retained Earnings of $37,500. During 2014, ORI earned net income of $40,000 and declared dividends of $15,000. Also during 2014, ORI got a $12,000 tax refund
Return to the Oak Research Inc. (ORI) data in Starter 14-13. ORI ended 2013 with $20,000 in common shares and $15,000 in $0.50 preferred shares. No shares were sold or repurchased during 2014. Create
For each of the following situations, indicate whether there is a change in estimate, or a change of policy, or an error. Then indicate if the correction needs to be applied retroactively (change
Rad Roadsters Ltd. has 10,000 common shares outstanding. Rad distributes a 20 percent stock dividend when the market value of its shares is $18.00 per share. 1. Journalize Rad's declaration of the
Jurgen's Farms Inc. recently reported the following shareholders' equity: Common shares, 250,000 shares authorized, 55,000 shares issued and outstanding................$121,500 Retained
Anderson Products Inc. issued 100,000 common shares at $10.00 per share. Later, when the market price was $15.00 per share, the company distributed a 10 percent stock dividend. Then Anderson Products
Boris' Dollar Store Inc. repurchased 1,000 common shares paying cash of $12.00 per share on April 16, 2014. The shares were originally issued for $5.00 per share. Journalize the transaction. An
BLT Corporation's agreement with its bank lender restricts BLT's dividend payments. Why would a bank lender restrict a corporation's dividend payments and share repurchases?
List the major parts of a multi-step corporate income statement for Star Soccer Trainers Inc. for the year ended December 31, 2014. Include all the major parts of the income statement, starting with
Answer these questions about a corporate income statement: 1. How do you measure gross margin? 2. What is the title of those items that are unusual, infrequent, and over which management has no
The shareholders' equity for King Paving Inc. on June 30, 2014 (end of the company's fiscal year), follows: Common shares, 800,000 shares authorized, 80,000 shares issued and
The agreement under which Karset Transport Ltd. issued its long-term debt requires the restriction of $150,000 of the company's Retained Earnings balance. Total Retained Earnings is $337,500, and
The ledger of Doe Plastics Inc. contains the following information for operations for the year ended September 30, 2014.Required Prepare a multiple-step income statement for the year ended September
LeDuc Construction Ltd. had 60,000 common shares and 20,000 $0.75 preferred shares outstanding on December 31, 2013. On April 30, 2014, the company issued 6,000 additional common shares and split the
Pacific Hotels Inc., a large hotel chain, had Retained Earnings of $250.0 million at the beginning of 2014. The company showed these figures at December 31,
Lankin Concrete Products Ltd. reported the correction of an error made in the year ended December 31, 2014. An inventory error caused net income of the prior year to be overstated by $50,000.
For the year ended December 31, 2013, Evans Inc. reported the following shareholders' equity: Common shares, 400,000 shares authorized, 140,000 shares issued and
To raise cash for future expansion, Alex Kerr incorporated his proprietorship and created Kerr Consulting Corporation. Kerr Consulting Corporation is authorized to issue an unlimited number of common
Tillay Environmental Products Inc. (TEPI) began 2014 with 1.6 million common shares issued and outstanding for $4.0 million. Beginning Retained Earnings was $4.5 million. On February 26, 2014, TEPI
Scopis Ltd. reported its shareholders' equity as shown below.Shareholders' EquityPreferred shares, $1.00Authorized: 10,000 sharesIssued and outstanding:
Poco Travel Ltd. is authorized to issue 500,000 common shares. The company issued 70,000 shares at $7.50 per share. On June 10, 2014, when the Retained Earnings balance was $360,000, Poco Travel Ltd.
Halifax Metal Products Ltd. had the following shareholders' equity at October 31, 2014:Common shares, unlimited shares authorized, 60,000 shares issued and outstanding....$150,000Retained
Examine Halifax Metal Products Ltd.'s shareholders' equity section for October 31, 2014, in Exercise 14-3. Suppose Halifax Metal Products Ltd. consolidated its common shares 1 for 2 (a reverse stock
Usurp Corp., an Internet service provider, has prospered during the past seven years, and recently the company's share price has shot up to $244.00. Usurp's management wishes to decrease the share
Journalize the following transactions that Apex Technologies Ltd. conducted during 2014:Feb. 19 Issued 10,000 common shares at $15.00 per share.Apr. 24 Repurchased 2,000 common shares at $13.00 per
Debon Ltd. had the following shareholders' equity on March 26, 2014: Common shares, unlimited shares authorized, 140,000 shares issued and outstanding...............$420,000 Retained
Study Exhibit 14-9 on page 882. Suppose the Bank of Nova Scotia repurchased its preferred shares. What would be the amount of the reduction of the company's total shareholders' equity if the cost to
The following accounting issues have arisen at Tri-City Computers Corp.: 1. An investor noted that the market price of shares seemed to decline after the date of record for a cash dividend. Why do
Gregor Gold Mine Ltd. is a gold mine in Ontario. In February 2014, company geologists discovered a new vein of gold-bearing ore that tripled the company's reserves. Prior to disclosing the new vein
Assume Frelix Construction Ltd. completed the following selected transactions during the year 2014: Apr. 19 Declared a cash dividend on the $8.50 preferred shares (3,000 shares outstanding). Declared
The balance sheet of Gaitree Ltd. at December 31, 2013, reported 250,000 common shares authorized, with 75,000 shares issued and a Common Shares balance of $187,500. Retained Earnings had a credit
Skiptrace Software Inc. is positioned ideally in the manufacturing and distribution sectors. It is the only company providing highly developed inventory tracking software. The company does a brisk
The balance sheet of Augen Vision Ltd. at December 31, 2013, reported the following shareholders' equity:Common shares, 200,000 shares authorized, 50,000 shares issued and outstanding $
The information below was taken from the ledger and other records of Stahl Metalworks Corp. at September 30, 2014.Required Prepare a single-step income statement, including earnings per share, for
Muriel Thomas, accountant for Duchlorol Ltd., was injured in a hiking accident. Another employee prepared the income statement shown on the next page for the fiscal year ended December 31, 2014.The
The capital structure of Renault Marketing Inc. at December 31, 2013, included 50,000 $0.50 preferred shares and 74,000 common shares. The 50,000 preferred shares were issued in 2006. Common shares
Timpano Communication Inc. had the following shareholders' equity on January 1, 2014:Preferred shares, $2.00, cumulative (1 year in arrears),liquidation price of $20, 100,000 shares authorized,15,000
ArtnMotion Inc. specializes in truck tires and had the following shareholders' equity on January 1, 2014:Preferred shares, $2.50, convertible to common on a 2-for-1 basis, 100,000 shares
CNZ Corporation Inc. completed the following selected transactions during 2014: Feb. 4 Declared a cash dividend on the 30,000 $1.40 preferred shares. Declared a $0.20 per share cash dividend on the
The balance sheet of Investtech Inc. at December 31, 2013, reported 2,000,000 common shares authorized with 250,000 shares issued at an average price of $4.00 each. RetainedEarnings had a balance of
Fundybay Corporation is positioned ideally in its industry. Located in Nova Scotia, Fundybay Corporation is the only company with a reliable record for its locally managed transport company. The
The balance sheet of Collingwood International Inc. at December 31, 2013, presented the following shareholders' equity: Contributed capital Common shares, 2,000,000 shares authorized, 500,000 shares
The information below was taken from the ledger and other records of Make a Statement Inc. at September 30, 2014.Required Prepare a single-step income statement, including earnings per share, for
Thomas Wong, accountant for APB Bikes Ltd., was injured in a biking accident. Another employee prepared the income statement shown on the next page for the fiscal year ended September 30, 2014.The
The capital structure of Redding Design Ltd. at December 31, 2013, included 15,000 $1 preferred shares and 420,000 common shares. Common shares outstanding during 2014 were 330,000 in January
Orillia Outfitters Ltd. had the following shareholders' equity on January 1, 2014:Preferred shares, $0.75, cumulative (1 year in arrears), liquidation price of $5.00, 50,000 shares authorized,15,000
Red Deer Hardware Ltd. had the following shareholders' equity on January 1, 2014:Preferred shares, $0.50 cumulative, convertible to common on a 2-for-1 basis, 50,000 shares authorized,20,000 shares
Assume Watawa Inc., a private corporation with a small number of shareholders, had issued 20,000 common shares at incorporation at a price of $22.00. The book value per share was $34.00 at the most
Fraser Valley Technologies Inc. had the following shareholders' equity on December 31, 2014: Common shares, 200,000 shares issued and outstanding...............$2,000,000 Retained
How do bonds payable differ from a note payable?
A company retires 10-year bonds payable of $100,000 after five years. The business issued the bonds at 104.00 and called them at 103.00. Compute the amount of gain or loss on retirement. How is this
Why are convertible bonds attractive to investors? Why are they popular with borrowers?
Ingoldby Corp. has $156 million of bonds outstanding at December 31, 2014. Of the total, $26 million are due in 2015, and the balance in 2016 and beyond. How would Ingoldby Corp. report its bonds
Contrast the effects on a company of issuing bonds versus issuing shares.
What characteristics distinguish a capital lease from an operating lease?
A business signs a capital lease for the use of a building. What accounts are debited and credited(a) To begin the lease term and make the first lease payment,(b) To record amortization,(c) To accrue
How does an underwriter assist with the issuance of bonds?
Show how a lessee reports on the balance sheet any leased equipment and the related lease liability under a capital lease.
Compute the price to the nearest dollar for the following bonds with a face value of $10,000: a. 93.00 b. 88.75 c. 101.375 d. 122.50 e. 100.00
Identify the accounts to debit and credit for transactions (a) To issue bonds at par, (b) To pay interest, (c) To accrue interest at year end, and (d) To pay off bonds at maturity.
Identify the accounts to debit and credit for transactions (a) To issue bonds at a discount, (b) To pay interest, (c) To accrue interest at year end, and (d) To pay off bonds at maturity.
Identify the accounts to debit and credit for transactions (a) To issue bonds at a premium, (b) To pay interest, (c) To accrue interest at year end, and (d) To pay off bonds at maturity.
Why bonds are sold for a price "plus accrued interest"? What happens to accrued interest when bonds are sold by an individual?
How does the straight-line method of amortizing a bond discount (or premium) differ from the effective interest method?
The Gildan Activewear Inc. financial statements that appear in Appendix A at the end of this book and on MyAccountingLab provide details about the company's long-term debt. Use the data to answer
The Rainmaker Entertainment Inc. income statement and balance sheet on MyAccountingLab provide details about the company's long-term debt and equity. Use the data to answer the following
Sun-Rype Products Limited is a manufacturer and marketer of juice-based beverages and fruit-based snacks based in the fruit-growing district of British Columbia but with sales across Canada.
Match the following terms by entering in the blank space the letter of the phrase that best describes each term. _____________Bond indenture _____________Unregistered bonds _____________Secured
Reliable Limited issued $800,000 of 3-percent, 10-year bonds payable on October 1, 2014, at par value. Reliable's accounting year ends on December 31. Journalize the following transactions. Include
Netwerk Inc. issued $1,500,000 of 5-percent, 10-year bonds payable and received cash proceeds of $1,388,419 on March 31, 2014. The market interest rate at the date of issuance was 6 percent, and the
Jones Inc. issued $400,000 of 8-percent, 10-year bonds payable at a price of 114.88 on May 31, 2014. The market interest rate at the date of issuance was 6 percent, and the Jones Inc. bonds pay
Veltman Corp. issued $750,000 of 4-percent, 10-year bonds at par value on May 1, 2014, four months after the bond's original issue date of January 1, 2014. Journalize the following transactions.
On January 1, 2014, Ishikawa Inc. issued $500,000 of 9-percent, five-year bonds payable at 104. Ishikawa has extra cash and wishes to retire all the bonds payable on January 1, 2015, immediately
Partialfood Corp. has $3,000,000 of convertible bonds payable outstanding, with a bond premium of $30,000 also on the books. The bondholders have notified Partialfood that they wish to convert the
Talon Inc. includes the following selected accounts in its general ledger at December 31, 2014: Notes Payable, Long-term ....................................................... $50,000 Accounts
You qualified for a student loan in the amount of $10,000. Once you graduate, you are required to repay this loan over 10 years at a rate of interest of 4 percent. The monthly interest and principal
T&T Marina needs to raise $2 million to expand. T&T's president is considering two plans: • Plan A: Issue $2,000,000 of 16 percent bonds payable to borrow the money • Plan B: Issue 100,000 common
Best Corp. agrees to lease a store in a mall and open a coffee shop. On January 2, 2014, the company pays a non-refundable $20,000 deposit to secure the store and agrees to a lease amount of $10,000
Compute the price of the following 4-percent bonds of Lisbon Telecom: a. $100,000 issued at 98.5 b. $100,000 issued at 104.5 c. $100,000 issued at 92.6 d. $100,000 issued at 102.5
Hunter Corp. issued a $500,000, 6.5-percent, 10-year bond payable on January 1, 2014. Journalize the following transactions for Hunter Corp. Include an explanation for each entry. a. Issuance of the
A 7-percent, 10-year bond was issued at a price of 93. Was the market interest rate per annum at the date of issuance closer to 6 percent, 7 percent, or 8 percent? Explain.
Jobs Inc. issued a $500,000, 4-percent, 10-year bond payable at a price of 90 on January 1, 2014. Journalize the following transactions for Jobs Inc. Include an explanation for each entry. a.
Waves Corp. issued a $400,000, 7-percent, and 10-year bond payable at a price of 105 on January 1, 2014. Journalize the following transactions for Waves Corp. Include an explanation for each
On January 2, 2014, Omni Industries Inc. issued $4,000,000 of 8.5-percent, 5-year bonds when the market interest rate was 10 percent. Omni Industries pays interest annually on December 31. The issue
Tide Management Inc. issued 8-percent bonds with a maturity value of $6,000,000 for $5,662,980 on October 1, 2014, when the market rate of interest was 9 percent. These bonds mature on October 1,
Kellogg Imaging Ltd. issued $7,500,000 of 8.5-percent, 15-year convertible bonds payable on July 1, 2014 at a price of 97.0. Each $1,000 face amount of bonds is convertible into 50 common shares. On
Seville Products Ltd. reported the following at September 30, 2014:Long-term liabilitiesConvertible bonds payable, 9%, due September 30, 2020.......$1,600,000Discount on bonds
Meadow Transport Ltd. is considering two plans for raising $4,000,000 to expand operations. Plan A is to borrow at 9 percent, and Plan B is to issue 400,000 common shares. Before any new financing,
Aztec Financial Services Ltd. needs to raise $3,000,000 to expand company operations. Aztec's president is considering the issuance of either• Plan A: $3,000,000 of 4 percent bonds payable to

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